Cloud Managed Services Market Worth 76.73 Billion USD by 2021
PUNE, India, May 6, 2016 /PRNewswire/ --
According to a new market research report, "Cloud Managed Services Market by Managed Services (Business Service, Network Services, Security Services, Data Center Services, Mobility Services), by Deployment, by Organization Size, by Industry Application & by Region - Global Forecast to 2021", published by MarketsandMarkets, the market size is estimated to grow from USD 35.54 Billion in 2016 to USD 76.73 Billion by 2021, at expected Compound Annual Growth Rate (CAGR) of 16.6% from 2016 to 2021.
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Browse 68 market data Tables and 49 Figures spread through 134 Pages and in-depth TOC on "Cloud Managed Services Market"
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Cloud managed services are witnessing a rising demand across the globe due to the growing need of businesses to curb down operational and infrastructural costs involved in business processes. The expanding Big Data space has facilitated a greater demand for managed analytical services and cloud storage services.
The managed mobility services segment are expected to show higher growth rates during the forecast period
The managed mobility services segment are expected to grow at a higher rate than business, network, security, and data center services in the Cloud Managed Services Market from 2016 to 2021, due to the growing trends in the adoption of Bring Your Own Device (BYOD). The use of personal devices is growing among organization appealing enhanced efficiency in business operations. This has pushed the prospects of managed mobility services across diverse industry verticals for enhanced productivity, assuring data security and privacy.
Banking, Financial Service, and Insurance (BFSI) segment to contribute maximum market share
The BFSI segment is expected to contribute to the largest market share in the Cloud Managed Services Market in 2016. The retail and consumer goods segment is expected to grow at a rapid rate from 2016 to 2021 in the Cloud Managed Services Market. Greater focus on core competencies, reduction in risks, improved cost reduction, customer relations, and improved regulatory compliance are some of the major factors driving cloud managed services in the BFSI sector.
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North America is expected to hold the largest market share in the Cloud Managed Services Market
North America is expected to hold the largest market share and dominate the Cloud Managed Services Market from 2016 to 2021, due to the presence of a large customer pool headquartered in the U.S. The region also has a high concentration of managed service providers in the U.S. and Canada. Asia-Pacific (APAC) offers potential growth opportunities, as the region is witnessing rise in technology penetration and larger investments in managed services as the growth in various industrial sectors continue to stir the market through the forecast period.
The major service providers in the Cloud Managed Services Market include Accenture plc, Alcatel-Lucent S.A., Cisco Systems, Inc., IBM Corporation, Ericsson, Fujitsu Ltd., Hewlett Packard Enterprise, Huawei Technologies, NEC Corporation, and NTT Data Corporation.
The report covers detailed information regarding the major factors influencing the growth in the Cloud Managed Services Market, such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, key strategies, new product launches, mergers and acquisitions, partnerships, agreements, collaborations, and recent developments associated with the Cloud Managed Services Market.
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